Ask AI on The Internet
Question: Sharonhas$51,949inasavingsaccount.Theinterestrateis7%peryearandisnotcompounded.Tothenearestdollar,howmuchinterestwillsheearnin3years? Use the formula i = prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years. Round your answer to the nearest dollar.
To find the interest Sharon will earn in 3 years, we will use the formula i = prt. First, we need to convert the interest rate of 7% into a decimal form. To do this, divide 7 by 100: 7 ÷ 100 = 0.07 Now, we can plug in the values into the formula: i = prt i = ($51,949) × (0.07) × (3) i = $51,949 × 0.21 i = $10,909.29 Now, we will round this value to the nearest dollar: i ≈ $10,909 So Sharon will earn about $10,909 in interest in 3 years.
Think your answer is better than the AI's? Post it below.
Question Tags
If you want your question answered by an AI, click here.
Comment Section